Stocks prices rise on hopes of Fed rate cut

PHILIPPINE stocks surged anew on Thursday, with the local stock barometer testing the immediate resistance of 7,000 points before pulling back on last-minute profit-taking, as investors took their cue from Wall Street's rally overnight and the US Federal Reserve's hint of a possible September rate cut.Meanwhile, the Philippine peso held firm against the greenback for the fourth consecutive day on Thursday.The benchmark Philippine Stock Exchange index climbed 0.89 percent, or 61.

''Most Fed officials signaled that easing monetary policy would be appropriate trading week in the green after the Fed's July meeting minutes indicated a potential rate cut in September, boosting investor optimism.''Most Fed officials signaled that easing monetary policy would be appropriate if economic data meets expectations, raising hopes for lower interest rates soon,' he said.

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